Grant Thornton reveals good news for UIC creditors
Initial dividend set at 100% for insurance company
Creditors of UIC Insurance Company,
which is in provisional liquidation and in a scheme of arrangement, have been
boosted by the news that
Grant
Thornton’s Financial Markets Group has set the first ever initial dividend
at 100%.
The firm said the dividend declaration is expected to be followed by two
more, which would eventually see creditors receive final payouts totalling 400%
more than the worst case estimate made soon after the company became insolvent.
The second and third dividend declarations are likely to be made within the
next 12 months and 24 months respectively.
Ipe Jacob, senior partner within Grant Thornton’s Financial Markets Group and
lead scheme officer said: ‘When we took this case on we estimated a worst case
outcome of some 26p in the pound. We are obviously delighted to inform creditors
today that they will receive a total dividend payment which will exceed 100p in
the pound over the coming 24 months.’